Gurit-Heberlein pulls out of automotive industry
The Swiss chemicals and synthetics company, Gurit-Heberlein, is to sell its 50 per cent stake in an automotive venture to its United States partner, Dow Chemical.
In a statement on Friday, Gurit-Heberlein said it would receive SFr677 million ($384.4 million) for the shares.
The company said the sale was agreed by both partners in response to increasing consolidation in the world's automobile industry.
It added that the sale would generate "considerable funds", which would be used to expand its core synthetics business and help fund a "substantial buy-back" of its own shares.
The company said it would now focus on existing industrial and health care operations and on appropriate acquisitions in related or complementary areas.
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